Pace on track but warn on '08

Pace Microtechnology put out a Market Update saying “Pace is continuing to perform well and the Board now expects that the outcome for the shortened 2007 year will be significantly ahead of its existing expectations. This primarily results from ongoing action to improve business efficiencies, which is delivering results ahead of our expectations across the entire product range. In addition, Pace’s US business is continuing to perform very strongly.” But the statement also warned: “At this early stage the Board’s current expectation is that on an annualised basis revenues in 2008 may not be as strong as 2007, as the current exceptional sales performance in the US adjusts to normal levels. However, Pace continues to make extremely good operational progress and the Board remains confident with its existing expectations for the overall outcome for the 2008 financial year.”